Revenue Analysis
Total and Operating Revenue: IDA showed a progressive increase in Total Revenue over the years from $429.66 million in 2023-03-31 to $510.91 million in 2023-09-30. Similarly, Operating Revenue also increased, indicating a growing business scale.
Gross Profit Margins: Gross Profit also showed an upward trend. Starting at $69.15 million and reaching $126.98 million by 2023-09-30, this aligns with the increasing revenue, portraying effective top-line management.
Cost Management
Cost of Revenue: The Cost of Revenue increased correspondingly with revenue, from $360.51 million (2023-03-31) to $383.92 million by 2023-09-30. This suggests a rising scale of operations, though margins need closer scrutiny.
Operating Expense: Operating expenses showed variability but were considerably higher on 2023-09-30 at $694,000 compared to earlier periods, which might indicate increased operational activity or investments into operational efficiency.
Total Expenses: Overall, Total Expenses grew in tandem with revenue but need careful management to optimize profitability.
Profitability Analysis
EBITDA: IDA’s EBITDA was robust, with a marked increase from $135.02 million to over $201.42 million by 2023-09-30. This indicates good earnings before accounting for interest, taxes, depreciation, and amortization.
Operating Income: Operating Income increased significantly from $68.10 million to $126.29 million, reflecting operational efficiency.
Pretax Income: There was a considerable rise in Pretax Income from $63.12 million to $119.42 million, which indicates solid profitability before tax impacts.
Net Income: Net income has followed an upward trajectory, noted particularly with a substantial jump to $105.26 million by 2023-09-30, suggesting robust bottom-line growth.
Cash Flow Indicators
Reconciled Depreciation: While Reconciled Depreciation has increased, indicating asset wear and potential reinvestment needs, it remains proportional to the scale of operations.
Interest Expense: Interest Expenses have stabilized around $30 million but warrant monitoring to manage finance costs effectively.
Taxation
Tax Rate: The tax rate has seen fluctuations, settling at around 0.11534 by 2023-09-30, which affects net earnings.
Tax Provision: Tax Provision increased to $13.77 million by 2023-09-30, directly impacting net income.
Tax Effect of Unusual Items: These effects have generally contributed additional complexity to the tax scenario but are accounted for in financial statements.
Shareholder Metrics
EPS (Diluted and Basic): Both Diluted and Basic EPS increased appreciably, from $1.11 to $2.07, beneficial to shareholders.
Average Shares: The slight changes in average shares outstanding indicate stable equity base, with changes mainly due to operational reasons rather than dilution.
Net Income Available to Common Stockholders: Increased consistently, aligning with the rise in net income, favorably reflecting on shareholder returns.
Conclusion
IDA has shown significant growth over the analyzed periods with increases in revenue, gross profit, and net income, indicating a healthy, expanding operation. The management has been efficient in controlling costs relative to the growth. Future strategies should focus on bolstering profitability margins further, maintaining cost efficiencies, and potentially mitigating financial costs. The company appears well-positioned for sustained growth, potentially making it a favorable investment. Shareholder value enhancement should continue given the trajectory of key earnings metrics.